To my knowledge, he has not revealed 2013 cap ex plans. The 10% guideline is out there. So, your numbers are good, give or take.
That's why the bond offering is so important. Of course, if the First North or any other dual listing progress advances share price -- while ttm earnings approach $.80 after 2013 Q1 -- then hopefully, if needed, share issuance will be limited because the share price is substantially higher.
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